To pave the way for private sector players to invest in infrastructure, in return for tax credit, Edo State Governor, Godwin Obaseki, has signed the Infrastructure Development and Social Investment Tax Credit Scheme Order 2021 to deepen investment in infrastructure and the state’s social sector.
The Executive Order, he said, would revolutionise government’s approach to financing infrastructure and engender sustainable development.
The Secretary to the State Government, Osarodion Ogie, disclosed that the scheme, a Public-Private Partnership intervention would enable the state government leverage on private sector funding for the building or rehabilitation of critical infrastructure and social projects in the state.
“It also focuses on the development of eligible infrastructure projects in an efficient and effective manner that creates value for money through private financing. It guarantees participants in the scheme timely and full recovery of funds provided for the construction or refurbishment of infrastructure and social projects in the manner prescribed in the Executive Order,” the statement read in part.
Ogie explained that the scheme would run for five years and that participants would be entitled to use the project cost as credit against personal income and withholding taxes due to the government.
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